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Subscription for Transcorp Hotels Rights Issue Opens

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Transcorp Hotels Discharge Certificate

By Dipo Olowookere

Shareholders intending to take their rights in the N10 billion rights issue of Transcorp Hotels Plc can begin to do so as the subscription has opened.

Application for the exercise officially started on Monday, October 5, 2020, and will run till Wednesday, November 11, 2020.

During the rights issue, the hospitality giant hopes to sell a total of 2,659,574,468 ordinary shares of 50 kobo each at a nit price of N3.76 to shareholders.

This offer is for shareholders who held stocks of the company as at the close of business of Monday, July 13, 2020, though other interested investors can subscribe by getting in touch with their stockbrokers.

The firm plans to raise about N10 billion from the rights issue, which would be ploughed back into the company for its operations.

During the sales, Transcorp Hotels will be offering to subscribers a total of seven new ordinary shares of the company for every 20 ordinary shares held by shareholders.

Business Post reports that these new shares to be sold in the rights issue would be issued from the authorised share capital of the company, which is currently at N7.5 billion comprising 15.0 billion ordinary shares of N0.50 each, and the resultant issued and fully paid-up share capital will be N5,129.989.184 consisting of 10,259,978,368 ordinary shares of N0.50 each.

Transcorp Hotels Plc owns the iconic Transcorp Hilton Abuja and Transcorp Hotels Calabar.

The company, like every other in the sector, has been badly hit by the COVID-19 pandemic and recently, the management announced that it was cutting its workforce by 40 per cent, while its senior executive management team will get a pay cut.

“Our workforce headcount will be reduced by at least 40 per cent, and our reward system will be optimised,” the MD/CEO of Transcorp Hotels, Mrs Dupe Olusola, said recently.

According to her, “The slow pick up of international travel, restriction on large gatherings, the switch to virtual meetings and fear of the virus, has drastically reduced demand for our hotels and occupancy levels to its lowest of less than 5 per cent.”

Dipo Olowookere is a journalist based in Nigeria that has passion for reporting business news stories. At his leisure time, he watches football and supports 3SC of Ibadan. Mr Olowookere can be reached via [email protected]

Travel/Tourism

FG to Introduce Biometric Single Travel Emergency Passport 2026

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Biometric Single Travel Emergency Passport

By Adedapo Adesanya

The federal government has announced plans to introduce the new biometric emergency travel document, the Single Travel Emergency Passport (STEP), by 2026 as part of reforms aimed at modernising Nigeria’s immigration processes and strengthening border security.

Initially revealed in November, the Comptroller General of the Nigeria Immigration Service (NIS), Mrs Kemi Nandap, speaking on Monday in Abuja during the decoration of 46 newly promoted Assistant Comptrollers of Immigration (ACIs) to the rank of Comptrollers of Immigration, said the proposed STEP would replace the current Single Travel Emergency Certificate (STEC) and is designed to enhance efficiency, security, and global acceptability of Nigeria’s emergency travel documentation.

She explained that the new emergency passport would be biometric-based and deployed through alternative, technology-driven platforms to ensure seamless service delivery.

“I’m looking forward to embracing 2026, which will also be part of all the reforms we’re doing to ensure that we optimise our services, in terms of visas, passport production lines and our contactless solutions,” she said.

The NIS boss noted that the STEP is one of several technology-driven innovations being rolled out by the Service to improve operational efficiency and meet its constitutional mandate.

She also highlighted the recent introduction of the ECOWAS National Biometric Identity Card (ENBIC), describing it as a critical step towards seamless regional integration and secure cross-border movement within West Africa.

“We want to ensure that our processes are seamless. The STEP, which we are going to launch early next year, is another key programme that will further strengthen our service delivery,” Nandap added.

The Comptroller General charged the newly decorated officers to demonstrate heightened vigilance, professionalism, and integrity, particularly in light of Nigeria’s prevailing security challenges.

“Your decoration today symbolises the trust reposed in you and carries with it expectations of enhanced leadership, sound judgement, accountability and exemplary conduct,” she said.

Mrs Nandap stressed that officers at senior levels must combine professional competence with strong leadership qualities, including clarity of vision, decisiveness, empathy, and the ability to mentor and inspire subordinates.

“Considering the current security challenges our nation faces, we must remain vigilant and unrelenting in the fight against multifaceted threats. Your actions will set the tone and reflect the core values and reputation of this Service,” she warned.

She reaffirmed the Service’s zero tolerance for indolence and unprofessional conduct, urging officers to embrace innovation, adapt to emerging challenges, and place the interest of the NIS above personal considerations.

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Moving to France After Retirement: What You Need to Know First

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retirement visa france

The idea of spending retirement in France comes up often — sometimes because of the climate, sometimes because of the healthcare system, and sometimes simply because of the way everyday life is organised there. But once the initial appeal fades, a practical question usually follows: under what conditions can a retiree actually live in France legally?

The short answer is: it’s possible.
The longer answer requires a closer look.

No “retirement visa,” but a workable solution

Unlike some countries, France does not offer a dedicated retirement visa. This often comes as a surprise. In practice, however, most retired foreigners settle in France under the long-stay visitor visa — a residence status that is not tied to age or professional background.

The logic behind it is straightforward: France allows people to live in the country if they do not intend to work and can support themselves financially. For this reason, the visitor visa is used not only by retirees, but by other financially independent residents as well.

Income matters more than age

When an application is reviewed, age itself is rarely decisive. Financial stability is.

French authorities do not publish a fixed minimum income requirement. What they assess instead is whether the applicant has sufficient and reliable resources to live in France without relying on public assistance. This usually includes:

  • a state or private pension;
  • additional regular income;
  • personal savings.

In practice, the clearer and more predictable the income, the stronger the application.

Paris

Housing is not a formality

Relocation is not possible without a confirmed place to live. A hotel booking or short-term accommodation is usually not enough.

Applicants are expected to show that they:

  • have secured long-term rental housing;
  • own property in France;
  • or will legally reside with a host who can provide accommodation.

This is one of the most closely examined aspects of the application — and one of the most common reasons for refusal.

Healthcare: private coverage first

At the time of application, retirees must hold private health insurance valid in France and covering essential medical risks. This requirement is non-negotiable.

Access to France’s public healthcare system may become possible after a period of legal residence, but this depends on individual circumstances, length of stay, and administrative status. It is not automatic.

What the process usually looks like

Moving to France is rarely a single step. More often, it unfolds as a sequence:

  • applying for a long-stay visa in the country of residence;
  • entering France;
  • completing administrative registration;
  • residing legally for the duration of the visa;
  • applying for renewal.

The initial status is typically granted for up to one year. Continued residence depends on meeting the same conditions.

Restrictions people often overlook

Living in France under a visitor visa comes with clear limitations:

  • working in France is prohibited;
  • income from French sources is not allowed;
  • social benefits are not part of this status.

These are not temporary inconveniences, but core conditions of residence.

Looking further ahead

Long-term legal residence can, over time, open the door to a more permanent status, such as long-term residency. In theory, citizenship may also be possible, though it requires meeting additional criteria, including language proficiency and integration.

For many retirees, however, the goal is simpler: to live quietly and legally, without having to change status every few months.

Moving to France after retirement is not about a special programme or age-based privilege. It is a question of preparation, financial resources, and understanding the rules. For those with stable income and no intention to work, France offers a lawful and relatively predictable way to settle long-term.

No promises of shortcuts — but no closed doors either.

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Trump Slams Partial Travel Ban on Nigeria, Others Over Security Concerns

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By Adedapo Adesanya

The United States President Donald Trump has imposed a partial travel restriction on Nigeria, as part of a series of new actions, citing security concerns.

The latest travel restriction will affect new Nigerians hoping to travel to the US, as it cites security concerns and difficulties in vetting nationals.

The travel restrictions also affect citizens of other African as well as Black-majority Caribbean nations.

This development comes months after the American President threatened to invade the country over perceived persecution against Christians.

President Trump had already fully banned the entry of Somalis as well as citizens of Afghanistan, Chad, Republic of the Congo, Equatorial Guinea, Eritrea, Haiti, Iran, Libya, Myanmar, Sudan, and Yemen.

The countries newly subject to partial restrictions, besides Nigeria, are Angola, Antigua and Barbuda, Benin, Dominica, Gabon, The Gambia, Ivory Coast, Malawi, Mauritania, Senegal, Tanzania, Tonga, Zambia and Zimbabwe.

Angola, Senegal and Zambia have all been prominent US partners in Africa, with former president Joe Biden hailing the three for their commitment to democracy.

In the proclamation, the White House alleged high crime rates from some countries on the blacklist and problems with routine record-keeping for passports.

The White House acknowledged “significant progress” by one initially targeted country, Turkmenistan.

The Central Asian country’s nations will once again be able to secure US visas, but only as non-immigrants.

The US president, who has long campaigned to restrict immigration and has spoken in increasingly strident terms, moved to ban foreigners who “intend to threaten” Americans, the White House said.

He also wants to prevent foreigners in the United States who would “undermine or destabilize its culture, government, institutions or founding principles,” a White House proclamation said.

Other countries newly subjected to the full travel ban came from some of Africa’s poorest countries — Burkina Faso, Mali, Niger, Sierra Leone and South Sudan — as well as Laos in southeast Asia.

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